Belfrix Group, one of the early adopters of blockchain and cryptocurrency in India, recently launched its own NFT exchange platform – BelNFT. The company said it was part of a larger business strategy by the Belfrex Group, which recently announced a USD 15 million investment in their blockchain and crypto operations in India.
The company says the BelNFT platform will help users tokenize their real-world assets and buy, sell or trade NFT in a safe and secure way. In an e-mail conversation with FE Online, Belfrex Group founder and CEO Praveen Kumar distinguished BellNFT from other NFT marketplaces in India and shared more about the platform. Edited parts:
There are many NFT marketplaces in India. What’s new about BelNFTs?
Most NFT platforms in India are creating digital NFTs directly for their customers, while we will tokenize an existing physical version of BelNFT into digital assets and convert them to NFT. Belfrex is one of the only platforms in India with a unique verification process that validates every NFT trade to ensure that customers purchase an authentic digital asset at the right price. After all, our KYC-based blockchain platform – Bellary – plays a key role in addressing some of the complex regulatory requirements that this new-age resource may face in the near future.
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Do you think that NFT and Metavers have a great future in India, the government is skeptical about virtual digital resources?
I am sure that in the near future NFTs will be considered as an asset and a country like India which has been expanding for many centuries in art, architecture, sports, cinema and culture, the right market for innovation and creativity. This NFT repository can serve as a feeder in creating the Metaverse digital environment.
Who can use BellNFT?
From the Creator’s point of view, our focus is on the Indian artist community who have created the physical form of their artwork that can be licensed to digitize. Buyers are likely to call everyone who looks appropriate, if there are only a few. We are also targeting people who are trying to create a metaverse environment in the future, which means they will look for licensed physical resources to convert to digital assets.
How to use BelNFT Marketplace?
All of our NFTs can be tokenized using our dAPPs (decentralized apps) where on-board individuals and organizations will tokenize their physical assets and convert them into digital assets. Once the customer registers on the BelNFT platform, he or she will need to create their own personal wallet by submitting their KYC data. Each NFT is either a standard price from the seller or an auction price. Depending on your level of interest, you can bid for a specific NFT and get the highest bidder.
What are all the items that can be converted to BellNFT?
We are targeting manufacturers across a variety of industries, including items such as gaming, music, merchandise, individual personalities, art, architecture, sports, Indian cinema, and print media. Although these four sections will be our focus at present, we are envisioning expansion into multiple sectors.